The Modi government has understood that the dependence on cheap Chinese imports cannot be substituted in a short span of time and thus looking for alternative markets such as South Korea, Japan, Taiwan for imports of certain products.
PM Modi said he has confidence in India’s growth story and he was sure that Indian economy will revive on the back of entrepreneurs, frontline warriors and industrialists.
With the coronavirus pandemic, China has lost the faith of the world. Many nations are now keen to shift their manufacturing dependency away from China.
China is set to reduce some key interest rates soon to prevent a sharper slump in activities. The interest cuts, if they happen, will be for the first time in over 3 years.
The Indian manufacturing industry is mainly comprised of chemicals, machinery, metals, and textiles. The increasing growth in the manufacturing sector is attributed to Prime Minister Narendra Modi’s ‘Make in India’ initiative, which seeks to transform manufacturing in the country.